Ownership of Federal-funded and Furnished Equipment
Title to equipment furnished to the University by all Federal Agencies shall remain with the Federal Agency, unless other arrangements are specified in the contract signed by the Federal Agency and the University. The equipment is classified as "Federal Furnished" on PSAM's Federal Asset page.
Equipment purchased with funding by Federal Agencies shall be either the property of the University or the Federal Agency according to the terms of the award as determined by the Grant Accounting Office.
For cases where title remains with the Federal Agency, the equipment is classified as "Federal Titled" on PSAM's Federal Asset page.
For cases where title transfers to the University, the equipment is classified as “None” on PSAM’s Federal Asset page.
According to the Federal Acquisition Regulation (FAR) Utilizing Government Property, FAR 52.245-1(f)(1)(viii), a Principal Investigator/Equipment Custodian is responsible for ensuring the contractor (University) uses Government property only as authorized by the contract. The contractor is also required to promptly report Government property excess to contract requirements (contractor inventory).
According to the Federal Acquisition Regulation (FAR) Government property, FAR 52.245-1(f)(1)(v), requires the prime contractor to clearly identify assets to be provided and ensure proper flow-down of contract terms and condition (e.g. extent of liability for property loss; or for property fabricated at the Sub-contractor, the extent of any restrictions or limitations).
Additions, changes, and disposition of all Government-owned equipment is reported via the “Statement of Government-Owned Equipment Status” form. University of Iowa-specific forms (i.e. Additions Request Form, Deductions Request Form, etc.) should not be used for Government-owned equipment.